LONDON – Web Desk: Crude oil prices surged to their highest level in two weeks on global markets amid a stalemate in US-Iran negotiations, according to market data.
Brent crude prices rose by $2.90 per barrel, reaching $109.20, while US crude (WTI) increased by $1.97 to $97.31 per barrel.
According to Arab media reports, the lack of progress in US-Iran peace talks and limited shipments through the Strait of Hormuz have increased pressure on global supply, driving prices higher.
It may be recalled that Iran has presented new proposals to the United States regarding a ceasefire and reopening the Strait of Hormuz. The US side is expected to consider these proposals today.
